South Korea's finance ministry said Thursday (26 April 2018) it has decided to levy anti-dumping duties on polyethylene terephthalate (PET) film imported from Taiwan, Thailand and the United Arab Emirates for the next three years. In January, the country's trade commission recommended the government levy stiff duties on the product, citing substantial damage to the local industry.

Starting 30 April 2018, duties ranging from 3.67 % to 60.95 % will be slapped on synthetic resin imported from the three countries for the next three years. Since November last year, the finance ministry has been imposing duties of 3.92 % to 51.86 % on the imported PET film.

The foreign manufacturers have argued that Korean PET film has lost price competitiveness and the high tariff on foreign goods will only burden domestic consumers. The local market for the chemical compound was estimated at KRW 1 trillion (USD 927 million) last year, with products imported from the countries accounting for 10 %, according to Seoul's trade ministry.

Write a comment on this article now

Like this article? Share Now!

More news from this section

BASF and Huafon Group Co., Ltd. signed a strategic cooperation agreement to extend their partnership with initiatives to develop the polyurethane, bio-fiber and spandex markets in China. The two companies will work together in the areas of technical exchange, market development, and quality raw material supply.

Dow Polyurethanes, a business unit of Dow Chemical, announced the opening of a new PU systems house in the Maharashtra state in India, further expanding its network of more than 20 sites for production, development and technical service across the EMEAI region.